EX-99.1 2 akr-ex99_1.htm EX-99.1 EX-99.1

Exhibit 99.1

 

 

The following unaudited tables illustrate the adjustments to the financial tables previously reported in the Company's first quarter 2021 and 2020, second quarter 2021 and 2020, third quarter 2021 and 2020, and fourth quarter 2020 earnings releases. Restated amounts from the fourth quarter 2020 have been presented in the Company's fourth quarter 2021 earnings release or supplemental report, as revised in the amended Current Report on From 8-K filed with the SEC on March 1, 2022 (amounts in thousands, except per share data):

 

 

 

Three Months Ended March 31, 2020

 

Statement of Operations ($ in thousands)

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

Revenues

 

 

 

 

 

 

 

 

 

 

Rental income

 

$

70,457

 

 

$

676

 

(a,b)

 

$

71,133

 

 Other

 

 

963

 

 

 

(1

)

(a)

 

 

962

 

Total revenues

 

 

71,420

 

 

 

675

 

 

 

 

72,095

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

33,377

 

 

 

(729

)

(a)

 

 

32,648

 

General and administrative

 

 

9,070

 

 

 

(9

)

(a)

 

 

9,061

 

Real estate taxes

 

 

10,447

 

 

 

(252

)

(a)

 

 

10,195

 

Property operating

 

 

13,320

 

 

 

(283

)

(a)

 

 

13,037

 

Impairment charges

 

 

51,549

 

 

 

—

 

 

 

 

51,549

 

Total operating expenses

 

 

117,763

 

 

 

(1,273

)

 

 

 

116,490

 

 

 

 

 

 

 

 

 

 

 

 

Gain on disposition of properties

 

 

—

 

 

 

—

 

 

 

 

—

 

Operating loss

 

 

(46,343

)

 

 

1,948

 

 

 

 

(44,395

)

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of unconsolidated affiliates

 

 

1,255

 

 

 

(368

)

(a)

 

 

887

 

Interest and other income

 

 

2,929

 

 

 

—

 

 

 

 

2,929

 

Realized and unrealized holding gains on investments and other

 

 

(530

)

 

 

—

 

 

 

 

(530

)

Interest expense

 

 

(18,302

)

 

 

702

 

(a,b)

 

 

(17,600

)

Income from continuing operations before income taxes

 

 

(60,991

)

 

 

2,282

 

 

 

 

(58,709

)

Income tax benefit

 

 

952

 

 

 

2

 

(a)

 

 

954

 

Net loss

 

 

(60,039

)

 

 

2,284

 

 

 

 

(57,755

)

Net loss attributable to noncontrolling interests

 

 

51,625

 

 

 

(2,275

)

(a,b)

 

 

49,350

 

Net income attributable to Acadia

 

$

(8,414

)

 

$

9

 

 

 

$

(8,405

)

 

 

 

 

 

 

 

 

 

 

 

Less: net income attributable to participating securities

 

 

—

 

 

 

—

 

 

 

 

—

 

Net income attributable to Common Shareholders -
   basic and diluted earnings per share

 

$

(8,414

)

 

$

9

 

 

 

$

(8,405

)

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares for basic loss per share

 

 

86,972

 

 

 

—

 

 

 

 

86,972

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share - basic

 

$

(0.10

)

 

$

—

 

 

 

$

(0.10

)

 

 

 

Three Months Ended June 30, 2020

 

 

Six Months Ended June 30, 2020

 

Statements of Operations ($ in thousands)

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental income

 

$

62,639

 

 

$

(3,218

)

(a)

 

$

59,421

 

 

$

133,096

 

 

$

(2,542

)

(a)

 

$

130,554

 

 Other

 

 

1,134

 

 

 

(11

)

(a)

 

 

1,123

 

 

 

2,097

 

 

 

(12

)

(a)

 

 

2,085

 

Total revenues

 

 

63,773

 

 

 

(3,229

)

 

 

 

60,544

 

 

 

135,193

 

 

 

(2,554

)

 

 

 

132,639

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

33,793

 

 

 

(416

)

(a)

 

 

33,377

 

 

 

67,170

 

 

 

(1,145

)

(a)

 

 

66,025

 

General and administrative

 

 

8,720

 

 

 

(38

)

(a)

 

 

8,682

 

 

 

17,790

 

 

 

(47

)

(a)

 

 

17,743

 

Real estate taxes

 

 

10,697

 

 

 

(252

)

(a)

 

 

10,445

 

 

 

21,144

 

 

 

(504

)

(a)

 

 

20,640

 

Property operating

 

 

16,806

 

 

 

(245

)

(a)

 

 

16,561

 

 

 

30,126

 

 

 

(528

)

(a)

 

 

29,598

 

Impairment charges

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

51,549

 

 

 

—

 

 

 

 

51,549

 

Total operating expenses

 

 

70,016

 

 

 

(951

)

 

 

 

69,065

 

 

 

187,779

 

 

 

(2,224

)

 

 

 

185,555

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on disposition of properties

 

 

485

 

 

 

—

 

 

 

 

485

 

 

 

485

 

 

 

—

 

 

 

 

485

 

Operating loss

 

 

(5,758

)

 

 

(2,278

)

 

 

 

(8,036

)

 

 

(52,101

)

 

 

(330

)

 

 

 

(52,431

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in losses of unconsolidated affiliates

 

 

(786

)

 

 

(394

)

(a)

 

 

(1,180

)

 

 

469

 

 

 

(762

)

(a)

 

 

(293

)

Interest and other income

 

 

2,095

 

 

 

—

 

 

 

 

2,095

 

 

 

5,024

 

 

 

—

 

 

 

 

5,024

 

Realized and unrealized holding gains on investments and other

 

 

87,811

 

 

 

—

 

 

 

 

87,811

 

 

 

87,281

 

 

 

—

 

 

 

 

87,281

 

 

1

Exhibit 99.1

 

 

Interest expense

 

 

(18,319

)

 

 

571

 

(a,b)

 

 

(17,748

)

 

 

(36,621

)

 

 

1,273

 

(a,b)

 

 

(35,348

)

Income from continuing operations before income taxes

 

 

65,043

 

 

 

(2,101

)

 

 

 

62,942

 

 

 

4,052

 

 

 

181

 

 

 

 

4,233

 

Income tax provision

 

 

(137

)

 

 

—

 

(a)

 

 

(137

)

 

 

815

 

 

 

2

 

(a)

 

 

817

 

Net income

 

 

64,906

 

 

 

(2,101

)

 

 

 

62,805

 

 

 

4,867

 

 

 

183

 

 

 

 

5,050

 

Net loss attributable to noncontrolling interests

 

 

(45,496

)

 

 

2,017

 

(a,b)

 

 

(43,479

)

 

 

6,129

 

 

 

(258

)

(a,b)

 

 

5,871

 

Net income attributable to Acadia

 

$

19,410

 

 

$

(84

)

 

 

$

19,326

 

 

$

10,996

 

 

$

(75

)

 

 

$

10,921

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: net income attributable to participating securities

 

 

(244

)

 

 

—

 

 

 

 

(244

)

 

 

(233

)

 

 

—

 

 

 

 

(233

)

Net income attributable to Common Shareholders -
   basic and diluted earnings per share

 

$

19,166

 

 

$

(84

)

 

 

$

19,082

 

 

$

10,763

 

 

$

(75

)

 

 

$

10,688

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares for basic and diluted earnings per share

 

 

86,180

 

 

 

—

 

 

 

 

86,180

 

 

 

86,576

 

 

 

—

 

 

 

 

86,576

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share - basic and diluted

 

$

0.22

 

 

$

—

 

 

 

$

0.22

 

 

$

0.12

 

 

$

—

 

 

 

$

0.12

 

 

 

2

Exhibit 99.1

 

 

 

 

Three Months Ended September 30, 2020

 

 

Nine Months Ended September 30, 2020

 

Statements of Operations ($ in thousands)

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental income

 

$

50,300

 

 

$

(890

)

(a)

 

$

49,410

 

 

$

183,396

 

 

$

(3,432

)

(a)

 

$

179,964

 

 Other

 

 

981

 

 

 

—

 

 

 

 

981

 

 

 

3,078

 

 

 

(12

)

(a)

 

 

3,066

 

Total revenues

 

 

51,281

 

 

 

(890

)

 

 

 

50,391

 

 

 

186,474

 

 

 

(3,444

)

 

 

 

183,030

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

34,457

 

 

 

(697

)

(a)

 

 

33,760

 

 

 

101,627

 

 

 

(1,842

)

(a)

 

 

99,785

 

General and administrative

 

 

8,625

 

 

 

(210

)

(a)

 

 

8,415

 

 

 

26,415

 

 

 

(257

)

(a)

 

 

26,158

 

Real estate taxes

 

 

10,689

 

 

 

(261

)

(a)

 

 

10,428

 

 

 

31,833

 

 

 

(765

)

(a)

 

 

31,068

 

Property operating

 

 

11,559

 

 

 

(210

)

(a)

 

 

11,349

 

 

 

41,685

 

 

 

(738

)

(a)

 

 

40,947

 

Impairment charges

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

51,549

 

 

 

—

 

 

 

 

51,549

 

Total operating expenses

 

 

65,330

 

 

 

(1,378

)

 

 

 

63,952

 

 

 

253,109

 

 

 

(3,602

)

 

 

 

249,507

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on disposition of properties

 

 

24

 

 

 

—

 

 

 

 

24

 

 

 

509

 

 

 

—

 

 

 

 

509

 

Operating income

 

 

(14,025

)

 

 

488

 

 

 

 

(13,537

)

 

 

(66,126

)

 

 

158

 

 

 

 

(65,968

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in losses of unconsolidated affiliates

 

 

(624

)

 

 

(612

)

(a)

 

 

(1,236

)

 

 

(155

)

 

 

(1,374

)

(a)

 

 

(1,529

)

Interest and other income

 

 

2,132

 

 

 

—

 

 

 

 

2,132

 

 

 

7,156

 

 

 

—

 

 

 

 

7,156

 

Realized and unrealized holding gains on investments and other

 

 

(7,946

)

 

 

—

 

 

 

 

(7,946

)

 

 

79,335

 

 

 

—

 

(b)

 

 

79,335

 

Interest expense

 

 

(17,752

)

 

 

570

 

(a,b)

 

 

(17,182

)

 

 

(54,373

)

 

 

1,843

 

(a,b)

 

 

(52,530

)

Loss from continuing operations before income taxes

 

 

(38,215

)

 

 

446

 

 

 

 

(37,769

)

 

 

(34,163

)

 

 

627

 

 

 

 

(33,536

)

Income tax provision

 

 

(74

)

 

 

—

 

 

 

 

(74

)

 

 

741

 

 

 

2

 

 

 

 

743

 

Net loss

 

 

(38,289

)

 

 

446

 

 

 

 

(37,843

)

 

 

(33,422

)

 

 

629

 

 

 

 

(32,793

)

Net income attributable to noncontrolling interests

 

 

29,259

 

 

 

(451

)

(a)

 

 

28,808

 

 

 

35,388

 

 

 

(709

)

(a,b)

 

 

34,679

 

Net (loss) income attributable to Acadia

 

$

(9,030

)

 

$

(5

)

 

 

$

(9,035

)

 

$

1,966

 

 

$

(80

)

 

 

$

1,886

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: net income attributable to participating securities

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

(233

)

 

 

—

 

 

 

 

(233

)

Net (loss) income attributable to Common Shareholders -
   basic and diluted earnings per share

 

$

(9,030

)

 

$

(5

)

 

 

$

(9,035

)

 

$

1,733

 

 

$

(80

)

 

 

$

1,653

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares for basic and diluted earnings per share

 

 

86,309

 

 

 

—

 

 

 

 

86,309

 

 

 

86,486

 

 

 

—

 

 

 

 

86,486

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (loss) per share - basic and diluted

 

$

(0.10

)

 

$

—

 

 

 

$

(0.10

)

 

$

0.02

 

 

$

—

 

 

 

$

0.02

 

 

 

3

Exhibit 99.1

 

 

 

 

Three Months Ended December 31, 2020

 

 

Year Ended December 31, 2020

 

Statements of Operations ($ in thousands)

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental income

 

$

67,606

 

 

$

(1,138

)

(a)

 

$

66,468

 

 

$

251,002

 

 

$

(4,570

)

(a)

 

$

246,432

 

 Other

 

 

1,404

 

 

 

6

 

(a)

 

 

1,410

 

 

 

4,482

 

 

 

(6

)

(a)

 

 

4,476

 

Total revenues

 

 

69,010

 

 

 

(1,132

)

 

 

 

67,878

 

 

 

255,484

 

 

 

(4,576

)

 

 

 

250,908

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

48,166

 

 

 

(722

)

(a)

 

 

47,444

 

 

 

149,793

 

 

 

(2,564

)

(a,b)

 

 

147,229

 

General and administrative

 

 

9,640

 

 

 

—

 

(a)

 

 

9,640

 

 

 

36,055

 

 

 

(257

)

(a)

 

 

35,798

 

Real estate taxes

 

 

11,672

 

 

 

(263

)

(a)

 

 

11,409

 

 

 

43,505

 

 

 

(1,028

)

(a)

 

 

42,477

 

Property operating

 

 

14,910

 

 

 

(306

)

(a)

 

 

14,604

 

 

 

56,595

 

 

 

(1,044

)

(a)

 

 

55,551

 

Impairment charges

 

 

34,049

 

 

 

—

 

 

 

 

34,049

 

 

 

85,598

 

 

 

—

 

 

 

 

85,598

 

Total operating expenses

 

 

118,437

 

 

 

(1,291

)

 

 

 

117,146

 

 

 

371,546

 

 

 

(4,893

)

 

 

 

366,653

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on disposition of properties

 

 

174

 

 

 

—

 

 

 

 

174

 

 

 

683

 

 

 

—

 

 

 

 

683

 

Operating (loss) income

 

 

(49,253

)

 

 

159

 

 

 

 

(49,094

)

 

 

(115,379

)

 

 

317

 

 

 

 

(115,062

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in (losses) earnings of unconsolidated affiliates

 

 

(1,082

)

 

 

(446

)

(a)

 

 

(1,528

)

 

 

(1,237

)

 

 

(1,820

)

(a)

 

 

(3,057

)

Interest and other income

 

 

1,823

 

 

 

—

 

 

 

 

1,823

 

 

 

8,979

 

 

 

—

 

 

 

 

8,979

 

Realized and unrealized holding gains on investments and other

 

 

34,595

 

 

 

(568

)

(b)

 

 

34,027

 

 

 

113,930

 

 

 

(568

)

(b)

 

 

113,362

 

Interest expense

 

 

(17,687

)

 

 

546

 

(a,b)

 

 

(17,141

)

 

 

(72,060

)

 

 

2,389

 

(a,b)

 

 

(69,671

)

(Loss) income from continuing operations before income taxes

 

 

(31,604

)

 

 

(309

)

 

 

 

(31,913

)

 

 

(65,767

)

 

 

318

 

 

 

 

(65,449

)

Income tax (provision) benefit

 

 

(1,012

)

 

 

—

 

 

 

 

(1,012

)

 

 

(271

)

 

 

2

 

(a)

 

 

(269

)

Net (loss) income

 

 

(32,616

)

 

 

(309

)

 

 

 

(32,925

)

 

 

(66,038

)

 

 

320

 

 

 

 

(65,718

)

Net loss attributable to noncontrolling interests

 

 

21,891

 

 

 

172

 

(a,b)

 

 

22,063

 

 

 

57,279

 

 

 

(537

)

(a,b)

 

 

56,742

 

Net (loss) income attributable to Acadia

 

$

(10,725

)

 

$

(137

)

 

 

$

(10,862

)

 

$

(8,759

)

 

$

(217

)

 

 

$

(8,976

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: net income attributable to participating securities

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

(233

)

 

 

—

 

 

 

 

(233

)

Net (loss) income attributable to Common Shareholders -
   basic and diluted earnings per share

 

$

(10,725

)

 

$

(137

)

 

 

$

(10,862

)

 

$

(8,992

)

 

$

(217

)

 

 

$

(9,209

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares for basic loss and basic and diluted earnings per share

 

 

86,311

 

 

 

—

 

 

 

 

86,311

 

 

 

86,442

 

 

 

—

 

 

 

 

86,442

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share - basic, Net earnings per share - basic and diluted

 

$

(0.12

)

 

$

(0.01

)

 

 

$

(0.13

)

 

$

(0.10

)

 

$

(0.01

)

 

 

$

(0.11

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4

Exhibit 99.1

 

 

 

 

Three Months Ended March 31, 2021

 

Statement of Operations ($ in thousands)

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

Revenues

 

 

 

 

 

 

 

 

 

 

Rental income

 

$

67,205

 

 

$

(1,207

)

(a)

 

$

65,998

 

 Other

 

 

2,189

 

 

 

—

 

 

 

 

2,189

 

Total revenues

 

 

69,394

 

 

 

(1,207

)

 

 

 

68,187

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

31,390

 

 

 

(750

)

(a)

 

 

30,640

 

General and administrative

 

 

8,996

 

 

 

(4

)

(a)

 

 

8,992

 

Real estate taxes

 

 

11,462

 

 

 

(256

)

(a)

 

 

11,206

 

Property operating

 

 

13,477

 

 

 

(268

)

(a)

 

 

13,209

 

Total operating expenses

 

 

65,325

 

 

 

(1,278

)

 

 

 

64,047

 

 

 

 

 

 

 

 

 

 

 

 

Gain on disposition of properties

 

 

4,612

 

 

 

—

 

 

 

 

4,612

 

Operating income

 

 

8,681

 

 

 

71

 

 

 

 

8,752

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of unconsolidated affiliates

 

 

2,263

 

 

 

(381

)

(a)

 

 

1,882

 

Interest and other income

 

 

1,700

 

 

 

—

 

 

 

 

1,700

 

Realized and unrealized holding gains on investments and other

 

 

6,507

 

 

 

(1,382

)

(b)

 

 

5,125

 

Interest expense

 

 

(17,141

)

 

 

527

 

(a,b)

 

 

(16,614

)

Income from continuing operations before income taxes

 

 

2,010

 

 

 

(1,165

)

 

 

 

845

 

Income tax provision

 

 

(150

)

 

 

2

 

(a)

 

 

(148

)

Net income

 

 

1,860

 

 

 

(1,163

)

 

 

 

697

 

Net loss attributable to noncontrolling interests

 

 

3,302

 

 

 

818

 

(a,b)

 

 

4,120

 

Net income attributable to Acadia

 

$

5,162

 

 

$

(345

)

 

 

$

4,817

 

 

 

 

 

 

 

 

 

 

 

 

Less: net income attributable to participating securities

 

 

(156

)

 

 

—

 

 

 

 

(156

)

Net income attributable to Common Shareholders -
   basic and diluted earnings per share

 

$

5,006

 

 

$

(345

)

 

 

$

4,661

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares for basic and diluted earnings per share

 

 

86,346

 

 

 

—

 

 

 

 

86,346

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share - basic and diluted

 

$

0.06

 

 

$

(0.01

)

 

 

$

0.05

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2021

 

 

Six Months Ended June 30, 2021

 

Statements of Operations ($ in thousands)

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental income

 

$

73,666

 

 

$

(1,597

)

(a)

 

$

72,069

 

 

$

140,871

 

 

$

(2,804

)

(a)

 

$

138,067

 

 Other

 

 

994

 

 

 

(6

)

(a)

 

 

988

 

 

 

3,183

 

 

 

(6

)

(a)

 

 

3,177

 

Total revenues

 

 

74,660

 

 

 

(1,603

)

 

 

 

73,057

 

 

 

144,054

 

 

 

(2,810

)

 

 

 

141,244

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

31,345

 

 

 

(805

)

(a)

 

 

30,540

 

 

 

62,735

 

 

 

(1,555

)

(a)

 

 

61,180

 

General and administrative

 

 

10,671

 

 

 

(18

)

(a)

 

 

10,653

 

 

 

19,667

 

 

 

(22

)

(a)

 

 

19,645

 

Real estate taxes

 

 

12,504

 

 

 

(290

)

(a)

 

 

12,214

 

 

 

23,966

 

 

 

(546

)

(a)

 

 

23,420

 

Property operating

 

 

12,890

 

 

 

(254

)

(a)

 

 

12,636

 

 

 

26,367

 

 

 

(522

)

(a)

 

 

25,845

 

Total operating expenses

 

 

67,410

 

 

 

(1,367

)

 

 

 

66,043

 

 

 

132,735

 

 

 

(2,645

)

 

 

 

130,090

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on disposition of properties

 

 

5,909

 

 

 

—

 

 

 

 

5,909

 

 

 

10,521

 

 

 

—

 

 

 

 

10,521

 

Operating income

 

 

13,159

 

 

 

(236

)

 

 

 

12,923

 

 

 

21,840

 

 

 

(165

)

 

 

 

21,675

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of unconsolidated affiliates

 

 

1,106

 

 

 

(207

)

(a)

 

 

899

 

 

 

3,369

 

 

 

(588

)

(a)

 

 

2,781

 

Interest and other income

 

 

2,054

 

 

 

—

 

 

 

 

2,054

 

 

 

3,754

 

 

 

—

 

 

 

 

3,754

 

Realized and unrealized holding gains on investments and other

 

 

2,711

 

 

 

(869

)

(b)

 

 

1,842

 

 

 

9,218

 

 

 

(2,251

)

(b)

 

 

6,967

 

Interest expense

 

 

(17,605

)

 

 

531

 

(a,b)

 

 

(17,074

)

 

 

(34,746

)

 

 

1,058

 

(a,b)

 

 

(33,688

)

Income from continuing operations before income taxes

 

 

1,425

 

 

 

(781

)

 

 

 

644

 

 

 

3,435

 

 

 

(1,946

)

 

 

 

1,489

 

 

5

Exhibit 99.1

 

 

Income tax provision

 

 

(194

)

 

 

2

 

(a)

 

 

(192

)

 

 

(344

)

 

 

4

 

(a)

 

 

(340

)

Net income

 

 

1,231

 

 

 

(779

)

 

 

 

452

 

 

 

3,091

 

 

 

(1,942

)

 

 

 

1,149

 

Net loss attributable to noncontrolling interests

 

 

2,687

 

 

 

572

 

(a,b)

 

 

3,259

 

 

 

5,989

 

 

 

1,390

 

(a,b)

 

 

7,379

 

Net income attributable to Acadia

 

$

3,918

 

 

$

(207

)

 

 

$

3,711

 

 

$

9,080

 

 

$

(552

)

 

 

$

8,528

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: net income attributable to participating securities

 

 

(156

)

 

 

—

 

 

 

 

(156

)

 

 

(312

)

 

 

—

 

 

 

 

(312

)

Net income attributable to Common Shareholders -
   basic and diluted earnings per share

 

$

3,762

 

 

$

(207

)

 

 

$

3,555

 

 

$

8,768

 

 

$

(552

)

 

 

$

8,216

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares for basic and diluted earnings per share

 

 

86,824

 

 

 

—

 

 

 

 

86,824

 

 

 

86,575

 

 

 

—

 

 

 

 

86,575

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share - basic and diluted

 

$

0.04

 

 

$

—

 

 

 

$

0.04

 

 

$

0.10

 

 

$

(0.01

)

 

 

$

0.09

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6

Exhibit 99.1

 

 

 

 

Three Months Ended September 30, 2021

 

 

Nine Months Ended September 30, 2021

 

Statements of Operations ($ in thousands)

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental income

 

$

71,852

 

 

$

(1,550

)

(a)

 

$

70,302

 

 

$

212,723

 

 

$

(4,354

)

(a)

 

$

208,369

 

 Other

 

 

1,594

 

 

 

—

 

 

 

 

1,594

 

 

 

4,777

 

 

 

(6

)

(a)

 

 

4,771

 

Total revenues

 

 

73,446

 

 

 

(1,550

)

 

 

 

71,896

 

 

 

217,500

 

 

 

(4,360

)

 

 

 

213,140

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

30,866

 

 

 

(802

)

(a)

 

 

30,064

 

 

 

93,601

 

 

 

(2,357

)

(a)

 

 

91,244

 

General and administrative

 

 

9,978

 

 

 

(68

)

(a)

 

 

9,910

 

 

 

29,645

 

 

 

(90

)

(a)

 

 

29,555

 

Real estate taxes

 

 

11,320

 

 

 

(292

)

(a)

 

 

11,028

 

 

 

35,286

 

 

 

(838

)

(a)

 

 

34,448

 

Property operating

 

 

12,698

 

 

 

(255

)

(a)

 

 

12,443

 

 

 

39,065

 

 

 

(777

)

(a)

 

 

38,288

 

Impairment charges

 

 

9,925

 

 

 

—

 

 

 

 

9,925

 

 

 

9,925

 

 

 

—

 

 

 

 

9,925

 

Total operating expenses

 

 

74,787

 

 

 

(1,417

)

 

 

 

73,370

 

 

 

207,522

 

 

 

(4,062

)

 

 

 

203,460

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on disposition of properties

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

10,521

 

 

 

—

 

 

 

 

10,521

 

Operating (loss) income

 

 

(1,341

)

 

 

(133

)

 

 

 

(1,474

)

 

 

20,499

 

 

 

(298

)

 

 

 

20,201

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of unconsolidated affiliates

 

 

644

 

 

 

(272

)

(a)

 

 

372

 

 

 

4,013

 

 

 

(860

)

(a)

 

 

3,153

 

Interest and other income

 

 

2,354

 

 

 

—

 

 

 

 

2,354

 

 

 

6,108

 

 

 

—

 

 

 

 

6,108

 

Realized and unrealized holding gains on investments and other

 

 

47,293

 

 

 

(800

)

(b)

 

 

46,493

 

 

 

56,511

 

 

 

(3,051

)

(b)

 

 

53,460

 

Interest expense

 

 

(17,334

)

 

 

720

 

(a,b)

 

 

(16,614

)

 

 

(52,080

)

 

 

1,778

 

(a,b)

 

 

(50,302

)

Income from continuing operations before income taxes

 

 

31,616

 

 

 

(485

)

 

 

 

31,131

 

 

 

35,051

 

 

 

(2,431

)

 

 

 

32,620

 

Income tax provision

 

 

(59

)

 

 

—

 

 

 

 

(59

)

 

 

(403

)

 

 

4

 

 

 

 

(399

)

Net income

 

 

31,557

 

 

 

(485

)

 

 

 

31,072

 

 

 

34,648

 

 

 

(2,427

)

 

 

 

32,221

 

Net income attributable to noncontrolling interests

 

 

(19,488

)

 

 

423

 

(a,b)

 

 

(19,065

)

 

 

(13,499

)

 

 

1,813

 

(a,b)

 

 

(11,686

)

Net income attributable to Acadia

 

$

12,069

 

 

$

(62

)

 

 

$

12,007

 

 

$

21,149

 

 

$

(614

)

 

 

$

20,535

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: net income attributable to participating securities

 

 

(156

)

 

 

—

 

 

 

 

(156

)

 

 

(468

)

 

 

—

 

 

 

 

(468

)

Net income attributable to Common Shareholders -
   basic and diluted earnings per share

 

$

11,913

 

 

$

(62

)

 

 

$

11,851

 

 

$

20,681

 

 

$

(614

)

 

 

$

20,067

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares for basic and diluted earnings per share

 

 

88,481

 

 

 

—

 

 

 

 

88,481

 

 

 

87,217

 

 

 

—

 

 

 

 

87,217

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share - basic and diluted

 

$

0.13

 

 

$

—

 

 

 

$

0.13

 

 

$

0.24

 

 

$

(0.01

)

 

 

$

0.23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

a)
Relates to the correction to adjust the earnings (losses) of two consolidated Fund investments that are less-than-wholly-owned investments through the Company's opportunity funds (the "Fund Investments") to "equity in earnings of unconsolidated affiliates", which had no impact on net income (loss) for the periods presented.
b)
Relates to immaterial previously unrecorded adjustments, which, in the aggregate, increased or (decreased) net income attributable to Common Shareholders by: $0.0 million or $0.00 per share for the three months ended March 31, 2020; ($0.1) million or $0.00 per share and ($0.1) million or $0.00 per share for the three and six months ended June 30, 2020; $0.0 million or $0.00 per share and ($0.1) million or $0.00 per share for the three and nine months ended September 30, 2020; ($0.1) million or ($0.01) per share, and ($0.2) million or ($0.01) per share, for the three months and year ended December 31, 2020, respectively; ($0.3) million or ($0.01) per share, for the three months ended March 31, 2021; ($0.2) million or $0.00 per share, and ($0.6) million or ($0.01) per share, for the three and six months ended June 30, 2021, respectively; and ($0.1) million or $0.00 per share, and ($0.6) million or ($0.01) per share, for the three and nine months ended September 30, 2021, respectively.

7

Exhibit 99.1

 

 

 

 

8

Exhibit 99.1

 

 

 

 

Three Months Ended March 31, 2020

 

Funds from Operations ($ in thousands) (a)

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Acadia

 

$

(8,414

)

 

$

9

 

(b)

 

$

(8,405

)

 

 

 

 

 

 

 

 

 

 

 

Depreciation of real estate and amortization of leasing costs (net of
   noncontrolling interests' share)

 

 

24,088

 

 

 

(15

)

(b)

 

 

24,073

 

Impairment charges (net of noncontrolling interests' share)

 

 

12,400

 

 

 

—

 

 

 

 

12,400

 

Gain on disposition of properties (net of noncontrolling interests' share)

 

 

—

 

 

 

—

 

 

 

 

—

 

Income attributable to Common OP Unit holders

 

 

(462

)

 

 

—

 

 

 

 

(462

)

Distributions - Preferred OP Units

 

 

126

 

 

 

—

 

 

 

 

126

 

Funds from operations attributable to Common Shareholders and Common OP Unit holders

 

$

27,738

 

 

$

(6

)

 

 

$

27,732

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments for Special Items:

 

 

 

 

 

 

 

 

 

 

Less: Unrealized holding gain and other
(net of noncontrolling interest share)

 

 

—

 

 

 

—

 

 

 

 

—

 

Funds from operations before Special Items attributable to Common Shareholders and Common OP Unit holders

 

$

27,738

 

 

$

(6

)

 

 

$

27,732

 

 

 

 

 

 

 

 

 

 

 

 

Funds From Operations per Share - Diluted

 

 

 

 

 

 

 

 

 

 

Basic weighted-average shares outstanding, GAAP earnings

 

 

86,972

 

 

 

—

 

 

 

 

86,972

 

Weighted-average OP Units outstanding

 

 

5,189

 

 

 

—

 

 

 

 

5,189

 

Assumed conversion of Preferred OP Units to common shares

 

 

465

 

 

 

—

 

 

 

 

465

 

Assumed conversion of LTIP units and restricted share units to
   common shares

 

 

159

 

 

 

—

 

 

 

 

159

 

Weighted average number of Common Shares and Common OP Units

 

 

92,785

 

 

 

—

 

 

 

 

92,785

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Funds from operations, per Common Share and Common OP Unit

 

$

0.30

 

 

$

—

 

 

 

$

0.30

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Funds from operations before Special Items,
per Common Share and Common OP Unit

 

$

0.30

 

 

$

—

 

 

 

$

0.30

 

 

 

9

Exhibit 99.1

 

 

 

 

Three Months Ended June 30, 2020

 

 

Six Months Ended June 30, 2020

 

Funds from Operations ($ in thousands) (a)

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Acadia

 

$

19,410

 

 

$

(84

)

(b)

 

$

19,326

 

 

$

10,996

 

 

$

(75

)

(b)

 

$

10,921

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation of real estate and amortization of leasing costs (net of
   noncontrolling interests' share)

 

 

24,390

 

 

 

78

 

(b)

 

 

24,468

 

 

 

48,478

 

 

 

63

 

(b)

 

 

48,541

 

Impairment charges (net of noncontrolling interests' share)

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

12,400

 

 

 

—

 

 

 

 

12,400

 

Gain on disposition of properties (net of noncontrolling interests' share)

 

 

(111

)

 

 

—

 

 

 

 

(111

)

 

 

(111

)

 

 

—

 

 

 

 

(111

)

Income attributable to Common OP Unit holders

 

 

1,136

 

 

 

—

 

 

 

 

1,136

 

 

 

674

 

 

 

—

 

 

 

 

674

 

Distributions - Preferred OP Units

 

 

123

 

 

 

—

 

 

 

 

123

 

 

 

249

 

 

 

—

 

 

 

 

249

 

Funds from operations attributable to Common Shareholders and Common OP Unit holders

 

$

44,948

 

 

$

(6

)

 

 

$

44,942

 

 

$

72,686

 

 

$

(12

)

 

 

$

72,674

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments for Special Items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Unrealized holding gain and other
(net of noncontrolling interest share)

 

 

(18,397

)

 

 

—

 

 

 

 

(18,397

)

 

 

(18,397

)

 

 

—

 

 

 

 

(18,397

)

Funds from operations before Special Items attributable to Common Shareholders and Common OP Unit holders

 

$

26,551

 

 

$

(6

)

 

 

$

26,545

 

 

$

54,289

 

 

$

(12

)

 

 

$

54,277

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds From Operations per Share - Diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average shares outstanding, GAAP earnings

 

 

86,180

 

 

 

—

 

 

 

 

86,180

 

 

 

86,576

 

 

 

—

 

 

 

 

86,576

 

Weighted-average OP Units outstanding

 

 

5,003

 

 

 

—

 

 

 

 

5,003

 

 

 

5,096

 

 

 

—

 

 

 

 

5,096

 

Assumed conversion of Preferred OP Units to common shares

 

 

465

 

 

 

—

 

 

 

 

465

 

 

 

465

 

 

 

—

 

 

 

 

465

 

Assumed conversion of LTIP units and restricted share units to
   common shares

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

—

 

Weighted average number of Common Shares and Common OP Units

 

 

91,648

 

 

 

—

 

 

 

 

91,648

 

 

 

92,137

 

 

 

—

 

 

 

 

92,137

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Funds from operations, per Common Share and Common OP Unit

 

$

0.49

 

 

$

—

 

 

 

$

0.49

 

 

$

0.79

 

 

$

—

 

 

 

$

0.79

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Funds from operations before Special Items,
per Common Share and Common OP Unit

 

$

0.29

 

 

$

—

 

 

 

$

0.29

 

 

$

0.59

 

 

$

—

 

 

 

$

0.59

 

 

 

10

Exhibit 99.1

 

 

 

 

Three Months September 30, 2020

 

 

Nine Months Ended September 30, 2020

 

Funds from Operations ($ in thousands) (a)

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Acadia

 

$

(9,030

)

 

$

(5

)

(b)

 

$

(9,035

)

 

$

1,966

 

 

$

(80

)

(b)

 

$

1,886

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation of real estate and amortization of leasing costs (net of
   noncontrolling interests' share)

 

 

25,106

 

 

 

—

 

 

 

 

25,106

 

 

 

73,584

 

 

 

63

 

 

 

 

73,647

 

Impairment charges (net of noncontrolling interests' share)

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

12,400

 

 

 

—

 

 

 

 

12,400

 

Gain on disposition of properties (net of noncontrolling interests' share)

 

 

(6

)

 

 

—

 

 

 

 

(6

)

 

 

(117

)

 

 

—

 

 

 

 

(117

)

Income attributable to Common OP Unit holders

 

 

(475

)

 

 

—

 

 

 

 

(475

)

 

 

199

 

 

 

—

 

 

 

 

199

 

Distributions - Preferred OP Units

 

 

4

 

 

 

—

 

 

 

 

4

 

 

 

372

 

 

 

—

 

 

 

 

372

 

Funds from operations attributable to Common Shareholders and Common OP Unit holders

 

$

15,599

 

 

$

(5

)

 

 

$

15,594

 

 

$

88,404

 

 

$

(17

)

 

 

$

88,387

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments for Special Items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Unrealized holding gain and other
(net of noncontrolling interest share)

 

 

2,240

 

 

 

—

 

 

 

 

2,240

 

 

 

(16,157

)

 

 

—

 

 

 

 

(16,157

)

Funds from operations before Special Items attributable to Common Shareholders and Common OP Unit holders

 

$

17,839

 

 

$

(5

)

 

 

$

17,834

 

 

$

72,247

 

 

$

(17

)

 

 

$

72,230

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds From Operations per Share - Diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average shares outstanding, GAAP earnings

 

 

86,309

 

 

 

—

 

 

 

 

86,309

 

 

 

86,486

 

 

 

—

 

 

 

 

86,486

 

Weighted-average OP Units outstanding

 

 

4,890

 

 

 

—

 

 

 

 

4,890

 

 

 

5,027

 

 

 

—

 

 

 

 

5,027

 

Assumed conversion of Preferred OP Units to common shares

 

 

25

 

 

 

—

 

 

 

 

25

 

 

 

465

 

 

 

—

 

 

 

 

465

 

Assumed conversion of LTIP units and restricted share units to
   common shares

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

—

 

Weighted average number of Common Shares and Common OP Units

 

 

91,224

 

 

 

—

 

 

 

 

91,224

 

 

 

91,978

 

 

 

—

 

 

 

 

91,978

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Funds from operations, per Common Share and Common OP Unit

 

$

0.17

 

 

$

—

 

 

 

$

0.17

 

 

$

0.96

 

 

$

—

 

 

 

$

0.96

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Funds from operations before Special Items,
per Common Share and Common OP Unit

 

$

0.20

 

 

$

—

 

 

 

$

0.20

 

 

$

0.79

 

 

$

—

 

 

 

$

0.79

 

 

 

11

Exhibit 99.1

 

 

 

 

Three Months Ended December 31, 2020

 

 

Year Ended December 31, 2020

 

Funds from Operations ($ in thousands) (a)

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income attributable to Acadia

 

$

(10,725

)

 

$

(137

)

(b)

 

$

(10,862

)

 

$

(8,759

)

 

$

(217

)

(b)

 

$

(8,976

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation of real estate and amortization of leasing costs (net of
   noncontrolling interests' share)

 

 

32,574

 

 

 

—

 

 

 

 

32,574

 

 

 

106,158

 

 

 

62

 

(b)

 

 

106,220

 

Impairment charges (net of noncontrolling interests' share)

 

 

4,923

 

 

 

—

 

 

 

 

4,923

 

 

 

17,323

 

 

 

—

 

 

 

 

17,323

 

Gain on disposition of properties (net of noncontrolling interests' share)

 

 

(174

)

 

 

—

 

 

 

 

(174

)

 

 

(291

)

 

 

—

 

 

 

 

(291

)

(Loss) income attributable to Common OP Unit holders

 

 

(569

)

 

 

—

 

 

 

 

(569

)

 

 

(370

)

 

 

—

 

 

 

 

(370

)

Distributions - Preferred OP Units

 

 

123

 

 

 

—

 

 

 

 

123

 

 

 

495

 

 

 

—

 

 

 

 

495

 

Funds from operations attributable to Common Shareholders and Common OP Unit holders

 

$

26,152

 

 

$

(137

)

 

 

$

26,015

 

 

$

114,556

 

 

$

(155

)

 

 

$

114,401

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments for Special Items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Unrealized holding gain and other
(net of noncontrolling interest share)

 

 

(4,468

)

 

 

137

 

(b)

 

 

(4,331

)

 

 

(20,625

)

 

 

132

 

(b)

 

 

(20,493

)

Funds from operations before Special Items attributable to Common Shareholders and Common OP Unit holders

 

$

21,684

 

 

$

—

 

 

 

$

21,684

 

 

$

93,931

 

 

$

(23

)

 

 

$

93,908

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds From Operations per Share - Diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average shares outstanding, GAAP earnings

 

 

86,311

 

 

 

—

 

 

 

 

86,311

 

 

 

86,442

 

 

 

—

 

 

 

 

86,442

 

Weighted-average OP Units outstanding

 

 

4,890

 

 

 

—

 

 

 

 

4,890

 

 

 

4,992

 

 

 

—

 

 

 

 

4,992

 

Assumed conversion of Preferred OP Units to common shares

 

 

465

 

 

 

—

 

 

 

 

465

 

 

 

465

 

 

 

—

 

 

 

 

465

 

Weighted average number of Common Shares and Common OP Units

 

 

91,666

 

 

 

—

 

 

 

 

91,666

 

 

 

91,899

 

 

 

—

 

 

 

 

91,899

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Funds from operations, per Common Share and Common OP Unit

 

$

0.29

 

 

$

(0.01

)

 

 

$

0.28

 

 

$

1.25

 

 

$

(0.01

)

 

 

$

1.24

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Funds from operations before Special Items,
per Common Share and Common OP Unit

 

$

0.24

 

 

$

—

 

 

 

$

0.24

 

 

$

1.02

 

 

$

—

 

 

 

$

1.02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12

Exhibit 99.1

 

 

 

 

Three Months Ended March 31, 2021

 

Funds from Operations ($ in thousands) (a)

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Acadia

 

$

5,162

 

 

$

(345

)

(b)

 

$

4,817

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation of real estate and amortization of leasing costs (net of
   noncontrolling interests' share)

 

 

23,807

 

 

 

—

 

 

 

 

23,807

 

Impairment charges (net of noncontrolling interests' share)

 

 

—

 

 

 

—

 

 

 

 

—

 

Gain on disposition of properties (net of noncontrolling interests' share)

 

 

(5,096

)

 

 

—

 

 

 

 

(5,096

)

Income attributable to Common OP Unit holders

 

 

347

 

 

 

—

 

 

 

 

347

 

Distributions - Preferred OP Units

 

 

123

 

 

 

—

 

 

 

 

123

 

Funds from operations attributable to Common Shareholders and Common OP Unit holders

 

$

24,343

 

 

$

(345

)

 

 

$

23,998

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments for Special Items:

 

 

 

 

 

 

 

 

 

 

Less: Unrealized holding gain and other
(net of noncontrolling interest share)

 

 

(1,738

)

 

 

339

 

(b)

 

 

(1,399

)

Funds from operations before Special Items attributable to Common Shareholders and Common OP Unit holders

 

$

22,605

 

 

$

(6

)

 

 

$

22,599

 

 

 

 

 

 

 

 

 

 

 

 

Funds From Operations per Share - Diluted

 

 

 

 

 

 

 

 

 

 

Basic weighted-average shares outstanding, GAAP earnings

 

 

86,323

 

 

 

—

 

 

 

 

86,323

 

Weighted-average OP Units outstanding

 

 

5,120

 

 

 

—

 

 

 

 

5,120

 

Assumed conversion of Preferred OP Units to common shares

 

 

465

 

 

 

—

 

 

 

 

465

 

Assumed conversion of LTIP units and restricted share units to
   common shares

 

 

23

 

 

 

—

 

 

 

 

23

 

Weighted average number of Common Shares and Common OP Units

 

 

91,931

 

 

 

—

 

 

 

 

91,931

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Funds from operations, per Common Share and Common OP Unit

 

$

0.26

 

 

$

—

 

 

 

$

0.26

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Funds from operations before Special Items,
per Common Share and Common OP Unit

 

$

0.25

 

 

$

—

 

 

 

$

0.25

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13

Exhibit 99.1

 

 

 

 

Three Months Ended June 30, 2021

 

 

Six Months Ended June 30, 2021

 

Funds from Operations ($ in thousands) (a)

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Acadia

 

$

3,918

 

 

$

(207

)

(b)

 

$

3,711

 

 

$

9,080

 

 

$

(552

)

(b)

 

$

8,528

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation of real estate and amortization of leasing costs (net of
   noncontrolling interests' share)

 

 

23,077

 

 

 

—

 

 

 

 

23,077

 

 

 

46,884

 

 

 

—

 

 

 

 

46,884

 

Impairment charges (net of noncontrolling interests' share)

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

—

 

Gain on disposition of properties (net of noncontrolling interests' share)

 

 

933

 

 

 

—

 

 

 

 

933

 

 

 

(4,163

)

 

 

—

 

 

 

 

(4,163

)

Income attributable to Common OP Unit holders

 

 

275

 

 

 

—

 

 

 

 

275

 

 

 

622

 

 

 

—

 

 

 

 

622

 

Distributions - Preferred OP Units

 

 

123

 

 

 

—

 

 

 

 

123

 

 

 

246

 

 

 

—

 

 

 

 

246

 

Funds from operations attributable to Common Shareholders and Common OP Unit holders

 

$

28,326

 

 

$

(207

)

 

 

$

28,119

 

 

$

52,669

 

 

$

(552

)

 

 

$

52,117

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments for Special Items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Unrealized holding gain and other
(net of noncontrolling interest share)

 

 

(688

)

 

 

201

 

(b)

 

 

(487

)

 

 

(2,426

)

 

 

540

 

(b)

 

 

(1,886

)

Funds from operations before Special Items attributable to Common Shareholders and Common OP Unit holders

 

$

27,638

 

 

$

(6

)

 

 

$

27,632

 

 

$

50,243

 

 

$

(12

)

 

 

$

50,231

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds From Operations per Share - Diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average shares outstanding, GAAP earnings

 

 

86,824

 

 

 

—

 

 

 

 

86,824

 

 

 

86,575

 

 

 

—

 

 

 

 

86,575

 

Weighted-average OP Units outstanding

 

 

5,135

 

 

 

—

 

 

 

 

5,135

 

 

 

5,127

 

 

 

—

 

 

 

 

5,127

 

Assumed conversion of Preferred OP Units to common shares

 

 

465

 

 

 

—

 

 

 

 

465

 

 

 

465

 

 

 

—

 

 

 

 

465

 

Assumed conversion of LTIP units and restricted share units to
   common shares

 

 

203

 

 

 

—

 

 

 

 

203

 

 

 

87

 

 

 

—

 

 

 

 

87

 

Weighted average number of Common Shares and Common OP Units

 

 

92,627

 

 

 

—

 

 

 

 

92,627

 

 

 

92,254

 

 

 

—

 

 

 

 

92,254

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Funds from operations, per Common Share and Common OP Unit

 

$

0.31

 

 

$

(0.01

)

 

 

$

0.30

 

 

$

0.57

 

 

$

(0.01

)

 

 

$

0.56

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Funds from operations before Special Items,
per Common Share and Common OP Unit

 

$

0.30

 

 

$

—

 

 

 

$

0.30

 

 

$

0.54

 

 

$

—

 

 

 

$

0.54

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14

Exhibit 99.1

 

 

 

 

Three Months September 30, 2021

 

 

Nine Months Ended September 30, 2021

 

Funds from Operations ($ in thousands) (a)

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Acadia

 

$

12,069

 

 

$

(62

)

(b)

 

$

12,007

 

 

$

21,149

 

 

$

(614

)

(b)

 

$

20,535

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation of real estate and amortization of leasing costs (net of
   noncontrolling interests' share)

 

 

23,111

 

 

 

—

 

 

 

 

23,111

 

 

 

69,995

 

 

 

—

 

 

 

 

69,995

 

Impairment charges (net of noncontrolling interests' share)

 

 

2,294

 

 

 

—

 

 

 

 

2,294

 

 

 

2,294

 

 

 

—

 

 

 

 

2,294

 

Gain on disposition of properties (net of noncontrolling interests' share)

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

(4,163

)

 

 

—

 

 

 

 

(4,163

)

Income attributable to Common OP Unit holders

 

 

749

 

 

 

—

 

 

 

 

749

 

 

 

1,371

 

 

 

—

 

 

 

 

1,371

 

Distributions - Preferred OP Units

 

 

123

 

 

 

—

 

 

 

 

123

 

 

 

369

 

 

 

—

 

 

 

 

369

 

Funds from operations attributable to Common Shareholders and Common OP Unit holders

 

$

38,346

 

 

$

(62

)

 

 

$

38,284

 

 

$

91,015

 

 

$

(614

)

 

 

$

90,401

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments for Special Items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Unrealized holding gain and other
(net of noncontrolling interest share)

 

 

(13,384

)

 

 

186

 

(b)

 

 

(13,198

)

 

 

(15,810

)

 

 

726

 

(b)

 

 

(15,084

)

Funds from operations before Special Items attributable to Common Shareholders and Common OP Unit holders

 

$

24,962

 

 

$

124

 

 

 

$

25,086

 

 

$

75,205

 

 

$

112

 

 

 

$

75,317

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds From Operations per Share - Diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average shares outstanding, GAAP earnings

 

 

88,481

 

 

 

—

 

 

 

 

88,481

 

 

 

87,217

 

 

 

—

 

 

 

 

87,217

 

Weighted-average OP Units outstanding

 

 

5,121

 

 

 

—

 

 

 

 

5,121

 

 

 

5,125

 

 

 

—

 

 

 

 

5,125

 

Assumed conversion of Preferred OP Units to common shares

 

 

465

 

 

 

—

 

 

 

 

465

 

 

 

465

 

 

 

—

 

 

 

 

465

 

Assumed conversion of LTIP units and restricted share units to
   common shares

 

 

16

 

 

 

—

 

 

 

 

16

 

 

 

—

 

 

 

—

 

 

 

 

—

 

Weighted average number of Common Shares and Common OP Units

 

 

94,083

 

 

 

—

 

 

 

 

94,083

 

 

 

92,807

 

 

 

—

 

 

 

 

92,807

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Funds from operations, per Common Share and Common OP Unit

 

$

0.41

 

 

$

—

 

 

 

$

0.41

 

 

$

0.98

 

 

$

(0.01

)

 

 

$

0.97

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Funds from operations before Special Items,
per Common Share and Common OP Unit

 

$

0.27

 

 

$

—

 

 

 

$

0.27

 

 

$

0.81

 

 

$

—

 

 

 

$

0.81

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
a)
Relates to the correction to adjust the assets and liabilities of the Fund Investments to "investments in and advances to unconsolidated affiliates", which had no impact on FFO for the periods presented.
b)
Relates to immaterial previously unrecorded adjustments, which, in the aggregate, increased or (decreased) FFO by: $0.0 million or $0.00 per share, for the three months ended March 31, 2020; $0.0 million or $0.00 per share, and $0.0 million or $0.00 per share, for the three and six months ended June 30, 2020, respectively; and $0.0 million or $0.00 per share, and $0.0 million or $0.00 per share, for the three and nine months ended September 30, 2020, respectively; ($0.1) million or ($0.01) per share, and ($0.2) million or ($0.01) per share, for the three months and year ended December 31, 2020, respectively; ($0.3) million or $0.00 per share, for the three months ended March 31, 2021; ($0.2) million or ($0.01) per share, and ($0.6) million or ($0.01) per share, for the three and six months ended June 30, 2021, respectively; and ($0.1)

15

Exhibit 99.1

 

 

million or $0.00 per share, and ($0.6) million or ($0.01) per share, for the three and nine months ended September 30, 2021, respectively. The adjustments had an insignificant impact on FFO before special items for all of the periods presented.

 

16

Exhibit 99.1

 

 

 

 

 

Three Months Ended March 31, 2020

 

Reconciliation of Consolidated Net Operating Loss
   to Net Property Operating Income ($ in thousands)

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated operating income

 

$

(46,343

)

 

$

1,948

 

(a)

 

$

(44,395

)

Add back:

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

9,070

 

 

 

(9

)

(a)

 

 

9,061

 

Depreciation and amortization

 

 

33,377

 

 

 

(729

)

(a)

 

 

32,648

 

Impairment charges

 

 

51,549

 

 

 

—

 

 

 

 

51,549

 

Straight-line rent reserves

 

 

—

 

 

 

—

 

 

 

 

—

 

Less:

 

 

 

 

 

 

 

 

 

 

Above/below market rent, straight-line rent and other adjustments

 

 

(1,369

)

 

 

(1,983

)

(a)

 

 

(3,352

)

Gain on disposition of properties

 

 

—

 

 

 

—

 

 

 

 

—

 

Consolidated NOI

 

 

46,284

 

 

 

(773

)

 

 

 

45,511

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling interest in consolidated NOI

 

 

(14,298

)

 

 

670

 

(a)

 

 

(13,628

)

Less: Operating Partnership's interest in Fund NOI included above

 

 

(3,595

)

 

 

103

 

(a)

 

 

(3,492

)

Add: Operating Partnership's share of unconsolidated
   joint ventures NOI

 

 

6,346

 

 

 

—

 

 

 

 

6,346

 

NOI - Core Portfolio

 

$

34,737

 

 

$

—

 

 

 

$

34,737

 

 

 

 

Three Months Ended June 30, 2020

 

 

Six Months Ended June 30, 2020

 

Reconciliation of Consolidated Net Operating Loss
   to Net Property Operating Income ($ in thousands)

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated operating income

 

$

(5,758

)

 

$

(2,278

)

(a)

 

$

(8,036

)

 

$

(52,101

)

 

$

(330

)

(a)

 

$

(52,431

)

Add back:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

8,720

 

 

 

(38

)

(a)

 

 

8,682

 

 

 

17,790

 

 

 

(47

)

(a)

 

 

17,743

 

Depreciation and amortization

 

 

33,793

 

 

 

(416

)

(a)

 

 

33,377

 

 

 

67,170

 

 

 

(1,145

)

(a)

 

 

66,025

 

Impairment charges

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

51,549

 

 

 

—

 

 

 

 

51,549

 

Straight-line rent reserves

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

—

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Above/below market rent, straight-line rent and other adjustments

 

 

5,313

 

 

 

1,955

 

(a)

 

 

7,268

 

 

 

3,944

 

 

 

(28

)

(a)

 

 

3,916

 

Gain on disposition of properties

 

 

(485

)

 

 

—

 

 

 

 

(485

)

 

 

(485

)

 

 

—

 

 

 

 

(485

)

Consolidated NOI

 

 

41,583

 

 

 

(777

)

 

 

 

40,806

 

 

 

87,867

 

 

 

(1,550

)

 

 

 

86,317

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling interest in consolidated NOI

 

 

(11,694

)

 

 

677

 

(a)

 

 

(11,017

)

 

 

(25,992

)

 

 

1,347

 

(a)

 

 

(24,645

)

Less: Operating Partnership's interest in Fund NOI included above

 

 

(2,826

)

 

 

100

 

(a)

 

 

(2,726

)

 

 

(6,421

)

 

 

203

 

(a)

 

 

(6,218

)

Add: Operating Partnership's share of unconsolidated
   joint ventures NOI

 

 

2,874

 

 

 

—

 

 

 

 

2,874

 

 

 

9,220

 

 

 

—

 

 

 

 

9,220

 

NOI - Core Portfolio

 

$

29,937

 

 

$

—

 

 

 

$

29,937

 

 

$

64,674

 

 

$

—

 

 

 

$

64,674

 

 

17

Exhibit 99.1

 

 

 

 

Three Months Ended September 30, 2020

 

 

Nine Months Ended September 30, 2020

 

Reconciliation of Consolidated Net Operating Loss
   to Net Property Operating Income ($ in thousands)

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated operating (loss) income

 

$

(14,025

)

 

$

488

 

(a)

 

$

(13,537

)

 

$

(66,126

)

 

$

158

 

(a)

 

$

(65,968

)

Add back:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

8,625

 

 

 

(210

)

(a)

 

 

8,415

 

 

 

26,415

 

 

 

(257

)

(a)

 

 

26,158

 

Depreciation and amortization

 

 

34,457

 

 

 

(697

)

(a)

 

 

33,760

 

 

 

101,627

 

 

 

(1,842

)

(a)

 

 

99,785

 

Impairment charges

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

51,549

 

 

 

—

 

 

 

 

51,549

 

Straight-line rent reserves

 

 

13,185

 

 

 

(13,185

)

(c)

 

 

—

 

 

 

19,714

 

 

 

(19,714

)

(c)

 

 

—

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Above/below market rent, straight-line rent and other adjustments

 

 

(3,671

)

 

 

13,136

 

(a,c)

 

 

9,465

 

 

 

(6,256

)

 

 

19,637

 

(a,c)

 

 

13,381

 

Gain on disposition of properties

 

 

(24

)

 

 

—

 

 

 

 

(24

)

 

 

(509

)

 

 

—

 

 

 

 

(509

)

Consolidated NOI

 

 

38,547

 

 

 

(468

)

 

 

 

38,079

 

 

 

126,414

 

 

 

(2,018

)

 

 

 

124,396

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling interest in consolidated NOI

 

 

(10,335

)

 

 

407

 

(a)

 

 

(9,928

)

 

 

(36,327

)

 

 

1,754

 

(a)

 

 

(34,573

)

Less: Operating Partnership's interest in Fund NOI included above

 

 

(2,289

)

 

 

61

 

(a)

 

 

(2,228

)

 

 

(8,710

)

 

 

264

 

(a)

 

 

(8,446

)

Add: Operating Partnership's share of unconsolidated
   joint ventures NOI

 

 

3,133

 

 

 

—

 

 

 

 

3,133

 

 

 

12,353

 

 

 

—

 

 

 

 

12,353

 

NOI - Core Portfolio

 

$

29,056

 

 

$

—

 

 

 

$

29,056

 

 

$

93,730

 

 

$

—

 

 

 

$

93,730

 

 

 

 

Three Months Ended December 31, 2020

 

 

Year Ended December 31, 2020

 

Reconciliation of Consolidated Net Operating Loss
   to Net Property Operating Income ($ in thousands)

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated operating (loss) income

 

$

(49,253

)

 

$

159

 

(a)

 

$

(49,094

)

 

$

(115,379

)

 

$

317

 

(a)

 

$

(115,062

)

Add back:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

9,640

 

 

 

—

 

(a)

 

 

9,640

 

 

 

36,055

 

 

 

(257

)

(a)

 

 

35,798

 

Depreciation and amortization

 

 

48,166

 

 

 

(722

)

(a)

 

 

47,444

 

 

 

149,793

 

 

 

(2,564

)

(a)

 

 

147,229

 

Impairment charges

 

 

34,049

 

 

 

—

 

 

 

 

34,049

 

 

 

85,598

 

 

 

—

 

 

 

 

85,598

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Above/below market rent, straight-line rent and other adjustments

 

 

166

 

 

 

34

 

(a)

 

 

200

 

 

 

13,624

 

 

 

(43

)

(a)

 

 

13,581

 

Gain on disposition of properties

 

 

(174

)

 

 

—

 

 

 

 

(174

)

 

 

(683

)

 

 

—

 

 

 

 

(683

)

Consolidated NOI

 

 

42,594

 

 

 

(529

)

 

 

 

42,065

 

 

 

169,008

 

 

 

(2,547

)

 

 

 

166,461

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling interest in consolidated NOI

 

 

(12,209

)

 

 

466

 

(a)

 

 

(11,743

)

 

 

(48,536

)

 

 

2,220

 

(a)

 

 

(46,316

)

Less: Operating Partnership's interest in Fund NOI included above

 

 

(3,135

)

 

 

63

 

(a)

 

 

(3,072

)

 

 

(11,845

)

 

 

327

 

(a)

 

 

(11,518

)

Add: Operating Partnership's share of unconsolidated
   joint ventures NOI

 

 

3,306

 

 

 

—

 

 

 

 

3,306

 

 

 

15,659

 

 

 

—

 

 

 

 

15,659

 

NOI - Core Portfolio

 

$

30,556

 

 

$

—

 

 

 

$

30,556

 

 

$

124,286

 

 

$

—

 

 

 

$

124,286

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18

Exhibit 99.1

 

 

 

 

Three Months Ended March 31, 2021

 

Reconciliation of Consolidated Net Operating Loss
   to Net Property Operating Income ($ in thousands)

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated operating income

 

$

8,681

 

 

$

71

 

(a)

 

$

8,752

 

Add back:

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

8,996

 

 

 

(4

)

(a)

 

 

8,992

 

Depreciation and amortization

 

 

31,390

 

 

 

(750

)

(a)

 

 

30,640

 

Impairment charges

 

 

—

 

 

 

—

 

 

 

 

—

 

Straight-line rent reserves

 

 

817

 

 

 

—

 

 

 

 

817

 

Less:

 

 

 

 

 

 

 

 

 

 

Above/below market rent, straight-line rent and other adjustments

 

 

(5,284

)

 

 

11

 

(a)

 

 

(5,273

)

Gain on disposition of properties

 

 

(4,612

)

 

 

—

 

 

 

 

(4,612

)

Consolidated NOI

 

 

39,988

 

 

 

(672

)

 

 

 

39,316

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling interest in consolidated NOI

 

 

(10,861

)

 

 

589

 

(a)

 

 

(10,272

)

Less: Operating Partnership's interest in Fund NOI included above

 

 

(2,618

)

 

 

83

 

(a)

 

 

(2,535

)

Add: Operating Partnership's share of unconsolidated
   joint ventures NOI

 

 

3,300

 

 

 

—

 

 

 

 

3,300

 

NOI - Core Portfolio

 

$

29,809

 

 

$

—

 

 

 

$

29,809

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2021

 

 

Six Months Ended June 30, 2021

 

Reconciliation of Consolidated Net Operating Loss
   to Net Property Operating Income ($ in thousands)

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated operating income

 

$

13,159

 

 

$

(236

)

(a)

 

$

12,923

 

 

$

21,840

 

 

$

(165

)

(a)

 

$

21,675

 

Add back:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

10,671

 

 

 

(18

)

(a)

 

 

10,653

 

 

 

19,667

 

 

 

(22

)

(a)

 

 

19,645

 

Depreciation and amortization

 

 

31,345

 

 

 

(805

)

(a)

 

 

30,540

 

 

 

62,735

 

 

 

(1,555

)

(a)

 

 

61,180

 

Impairment charges

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

—

 

Straight-line rent reserves

 

 

(232

)

 

 

—

 

 

 

 

(232

)

 

 

585

 

 

 

—

 

 

 

 

585

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Above/below market rent, straight-line rent and other adjustments

 

 

(4,249

)

 

 

5

 

(a)

 

 

(4,244

)

 

 

(9,533

)

 

 

16

 

(a)

 

 

(9,517

)

Gain on disposition of properties

 

 

(5,909

)

 

 

—

 

 

 

 

(5,909

)

 

 

(10,521

)

 

 

—

 

 

 

 

(10,521

)

Consolidated NOI

 

 

44,785

 

 

 

(1,054

)

 

 

 

43,731

 

 

 

84,773

 

 

 

(1,726

)

 

 

 

83,047

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling interest in consolidated NOI

 

 

(12,373

)

 

 

922

 

(a)

 

 

(11,451

)

 

 

(23,234

)

 

 

1,511

 

(a)

 

 

(21,723

)

Less: Operating Partnership's interest in Fund NOI included above

 

 

(3,131

)

 

 

132

 

(a)

 

 

(2,999

)

 

 

(5,749

)

 

 

215

 

(a)

 

 

(5,534

)

Add: Operating Partnership's share of unconsolidated
   joint ventures NOI

 

 

3,764

 

 

 

—

 

 

 

 

3,764

 

 

 

7,064

 

 

 

—

 

 

 

 

7,064

 

NOI - Core Portfolio

 

$

33,045

 

 

$

—

 

 

 

$

33,045

 

 

$

62,854

 

 

$

—

 

 

 

$

62,854

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19

Exhibit 99.1

 

 

 

 

Three Months Ended September 30, 2021

 

 

Nine Months Ended September 30, 2021

 

Reconciliation of Consolidated Net Operating Loss
   to Net Property Operating Income ($ in thousands)

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated operating (loss) income

 

$

(1,341

)

 

$

(133

)

(a)

 

$

(1,474

)

 

$

20,499

 

 

$

(298

)

(a)

 

$

20,201

 

Add back:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

9,978

 

 

 

(68

)

(a)

 

 

9,910

 

 

 

29,645

 

 

 

(90

)

(a)

 

 

29,555

 

Depreciation and amortization

 

 

30,866

 

 

 

(802

)

(a)

 

 

30,064

 

 

 

93,601

 

 

 

(2,357

)

(a)

 

 

91,244

 

Impairment charges

 

 

9,925

 

 

 

—

 

 

 

 

9,925

 

 

 

9,925

 

 

 

—

 

 

 

 

9,925

 

Straight-line rent reserves

 

 

(258

)

 

 

—

 

 

 

 

(258

)

 

 

327

 

 

 

—

 

 

 

 

327

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Above/below market rent, straight-line rent and other adjustments

 

 

(4,572

)

 

 

20

 

(a)

 

 

(4,552

)

 

 

(14,105

)

 

 

36

 

(a)

 

 

(14,069

)

Gain on disposition of properties

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

(10,521

)

 

 

—

 

 

 

 

(10,521

)

Consolidated NOI

 

 

44,598

 

 

 

(983

)

 

 

 

43,615

 

 

 

129,371

 

 

 

(2,709

)

 

 

 

126,662

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling interest in consolidated NOI

 

 

(12,576

)

 

 

862

 

(a)

 

 

(11,714

)

 

 

(35,810

)

 

 

2,373

 

(a)

 

 

(33,437

)

Less: Operating Partnership's interest in Fund NOI included above

 

 

(3,104

)

 

 

121

 

(a)

 

 

(2,983

)

 

 

(8,853

)

 

 

336

 

(a)

 

 

(8,517

)

Add: Operating Partnership's share of unconsolidated
   joint ventures NOI

 

 

2,961

 

 

 

—

 

 

 

 

2,961

 

 

 

10,025

 

 

 

—

 

 

 

 

10,025

 

NOI - Core Portfolio

 

$

31,879

 

 

$

—

 

 

 

$

31,879

 

 

$

94,733

 

 

$

—

 

 

 

$

94,733

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

a)
Relates to the correction to adjust the earnings of the Fund Investments to "equity in earnings of unconsolidated affiliates", which had no impact on NOI - Core Portfolio for any of the periods presented.

 

 

 

 

 

20

Exhibit 99.1

 

 

 

 

December 31, 2020

 

Balance Sheet ($ in thousands)

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

ASSETS

 

 

 

 

 

 

 

 

 

 

Investments in real estate, at cost

 

 

 

 

 

 

 

 

 

 

Land

 

$

776,275

 

 

$

(23,554

)

(a)

 

$

752,721

 

Buildings and improvements

 

 

2,848,781

 

 

 

(46,528

)

(a)

 

 

2,802,253

 

Tenant improvements

 

 

191,046

 

 

 

(12,128

)

(a)

 

 

178,918

 

Construction in progress

 

 

5,751

 

 

 

(604

)

(a)

 

 

5,147

 

Right-of-use assets - finance leases

 

 

25,086

 

 

 

—

 

 

 

 

25,086

 

 

 

 

3,846,939

 

 

 

(82,814

)

 

 

 

3,764,125

 

Less: Accumulated depreciation and amortization

 

 

(586,800

)

 

 

13,436

 

(a)

 

 

(573,364

)

Operating real estate, net

 

 

3,260,139

 

 

 

(69,378

)

 

 

 

3,190,761

 

Real estate under development

 

 

247,349

 

 

 

(148

)

(a)

 

 

247,201

 

Net investments in real estate

 

 

3,507,488

 

 

 

(69,526

)

 

 

 

3,437,962

 

Notes receivable, net

 

 

101,450

 

 

 

(568

)

(b)

 

 

100,882

 

Investments in and advances to unconsolidated affiliates

 

 

249,807

 

 

 

23,022

 

(a,b)

 

 

272,829

 

Other assets, net

 

 

173,809

 

 

 

(3,528

)

(a)

 

 

170,281

 

Right-of-use assets - operating leases, net

 

 

76,268

 

 

 

—

 

 

 

 

76,268

 

Cash and cash equivalents

 

 

19,232

 

 

 

(533

)

(a)

 

 

18,699

 

Restricted cash

 

 

14,692

 

 

 

(3,596

)

(a)

 

 

11,096

 

Rents receivable

 

 

44,136

 

 

 

(1,084

)

(a)

 

 

43,052

 

Total assets

 

$

4,186,882

 

 

$

(55,813

)

 

 

$

4,131,069

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

Mortgage and other notes payable, net

 

$

1,125,356

 

 

$

23,230

 

(a,b,c)

 

$

1,148,586

 

Unsecured notes payable, net

 

 

500,083

 

 

 

(79,225

)

(c)

 

 

420,858

 

Unsecured line of credit

 

 

138,400

 

 

 

—

 

 

 

 

138,400

 

Accounts payable and other liabilities

 

 

269,911

 

 

 

(1,469

)

(a)

 

 

268,442

 

Lease liability - operating leases, net

 

 

88,816

 

 

 

—

 

 

 

 

88,816

 

Dividends and distributions payable

 

 

147

 

 

 

—

 

 

 

 

147

 

Distributions in excess of income from,
and investments in, unconsolidated affiliates

 

 

15,616

 

 

 

—

 

 

 

 

15,616

 

Total liabilities

 

 

2,138,329

 

 

 

(57,464

)

 

 

 

2,080,865

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

 

 

 

 

Acadia Shareholders' Equity

 

 

 

 

 

 

 

 

 

 

Common shares, $0.001 par value, authorized 200,000,000 shares, issued and outstanding 86,268,303

 

 

86

 

 

 

—

 

 

 

 

86

 

Additional paid-in capital

 

 

1,683,165

 

 

 

—

 

 

 

 

1,683,165

 

Accumulated other comprehensive loss

 

 

(74,891

)

 

 

—

 

 

 

 

(74,891

)

Distributions in excess of accumulated earnings

 

 

(167,046

)

 

 

(275

)

(b)

 

 

(167,321

)

Total Acadia shareholders’ equity

 

 

1,441,314

 

 

 

(275

)

 

 

 

1,441,039

 

Noncontrolling interests

 

 

607,239

 

 

 

1,926

 

(a,b)

 

 

609,165

 

Total equity

 

 

2,048,553

 

 

 

1,651

 

 

 

 

2,050,204

 

Total liabilities and equity

 

$

4,186,882

 

 

$

(55,813

)

 

 

$

4,131,069

 

 

 

 

 

 

 

 

 

 

 

 

 

a)
Relates to the correction to adjust the assets and liabilities of two consolidated subsidiaries to "investments in and advances to unconsolidated affiliates", which had no impact on net income (loss) for the year ended December 31, 2020.
b)
Relates to immaterial previously unrecorded adjustments, which, in the aggregate (decreased) net income attributable to Common Shareholders by ($0.3) million through the year ended December 31, 2020.
c)
Unsecured notes payable, net of $79.2 million were reclassified to mortgage and other notes payable, net.

 


 

21